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Tactile Systems Technology, Inc. Reports First Quarter 2023 Financial Results; Raises Full Year 2023 Outlook
First Quarter Revenue Increased 23% Year-Over-Year MINNEAPOLIS, May 08, 2023 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”; the
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"First Quarter Revenue Increased 23% Year-Over-Year\nMINNEAPOLIS, May 08, 2023 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the first quarter ended March 31, 2023. First Quarter 2023 Summary: Total revenue increased 23% year-over-year to $58.8 million Lymphedema products revenue increased 22% year-over-yearAirway clearance products revenue increased 24% year-over-year Operating loss of $3.8 million versus $14.9 million in Q1 2022 Non-GAAP operating loss of $2.2 million versus $5.4 million in Q1 2022 Net loss of $1.9 million versus $15.6 million in Q1 2022Adjusted EBITDA of $0.5 million versus a $2.6 million loss in Q1 2022 First Quarter 2023 Highlights: Raised $34.6 million of net proceeds via an underwritten public equity offeringLaunched Entre® Plus, a next-generation version of the Entre system with enhanced featuresAppointed Carmen Volkart to the Company’s Board of DirectorsAppointed Elaine Birkemeyer to the position of Chief Financial Officer “We were delighted to achieve revenue growth of over 20% in both our product lines, as our sales teams grew increasingly productive. In addition to our revenue performance, our focus on expanding our operating margins yielded significant year-over-year improvements on both a GAAP and non-GAAP basis,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “We also made strong progress from an operational standpoint, advancing our product development projects, enhancing our leadership team and Board of Directors, and bolstering our balance sheet.” Mr. Reuvers continued: “Our raised 2023 guidance reflects our strong first quarter performance, while remaining cautious of the potential future macroeconomic environment ahead.” First Quarter 2023 Financial Results Total revenue in the first quarter of 2023 increased $10.9 million, or 23%, to $58.8 million, compared to $48.0 million in the first quarter of 2022. The increase in total revenue was attributable to an increase of $9.1 million, or 22%, in sales and rentals of the lymphedema product line, and an increase of $1.8 million, or 24%, in sales of the airway clearance product line compared to the first quarter of 2022. Gross profit in the firs...